What is the origin of the idiom "throw one's hat in the ring" and when to use it?

The origin of the idiom "throw one's hat in the ring" is rooted in historical and sporting contexts, particularly in the United States during the 19th century. In the 19th century, prizefights and boxing matches were common, and the practice of throwing a hat into a ring marked the beginning of a contest or fight. It was a way for someone to challenge an opponent and express their intention to engage in a physical confrontation. Over time, the phrase evolved to take on a more general meaning, and it came to represent the act of announcing one's intention to participate in any competitive situation, including elections, competitions, and various contests.